Last year’s home price levels ended in an up-up-and-away manner, according to the latest data released by CoreLogic
Home prices nationwide, including distressed sales, increased by 7.2 percent on a year-over-year measurement in December 2016. On a monthly measurement, December’s home prices saw a 0.8 percent uptick from November.
Washington and Oregon had the greatest year-over-year home price increases in December, respectively recording 10.8 percent and 10.3 percent increases. Wyoming was the sole state to show a downturn, registering a slight 0.3 percent dip. Among the major metro markets, Denver saw a 9.9 percent year-over-year upturn, with Boston trailing in second place at 6.9 percent.
CoreLogic is also forecasting that home prices will increase by 4.7 percent on a year-over-year basis from December 2016 to December 2017, and by 0.1 percent on a month-over-month basis from December 2016 to January 2017.
“As of the end of 2016, the CoreLogic national index was 3.9 percent below the peak reached in April 2006,” said Frank Nothaft, chief economist for CoreLogic. “We expect our national index to rise 4.7 percent during 2017, which would put homes prices at a new nominal peak before the end of this year.”